The Executive Centre to open Singapore Land Tower workspace in January 2024
TEC’s Lim says the firm’s expansion momentum in Southeast Asia is anticipated to carry toward 2024. Noting that its expansions are steered by customer needs, she accentuate that TEC’s networks of centres within Southeast Asia are bolstered by clients that have a multinational existence in the area.
The opening of the TEC hub at Singapore Land Tower is a feedback to this expanding necessity, states Yvonne Lim, TEC’s managing supervisor for Southeast Asia. She includes that the new hub is viewing “sturdy interest”, according to the good occupancy price at TEC’s different centers in the city. As of September, TEC’s standard occupancy rate in Singapore remained at 95%.
As of September, TEC’s standard occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
Flexible work area company The Executive Centre will start its eighth center in Singapore, located at the Singapore Land Tower, in January 2024. The facility lies on the 45th to 47th floors of the office tower at 50 Raffles Place, near to Raffles Place MRT Terminal. Covering 50,720 sq ft, it will have 490 offices and include reserved workplaces and a user lounge.
The opening of the new facility comes amid expanding demand for office in Singapore, TEC says in a Nov 27 press release. The increased need emerges from MNCs aiming to set up offices in Singapore, along with raising back-to-office momentum coming from companies tightening a mix of both working regulations. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are concentrated on improving office presence or enhancing job effectiveness.
The latest centre follows a series of 4 openings TEC has already executed throughout Southeast Asia this year: one in Singapore’s Capital Square together with one each in Jakarta, Ho Chi Minh City and Manila. All together, TEC has certainly added almost 1,200 workstations throughout these major Southeast Asian markets in 2023, presenting a 33% increase in workstation expansion.
Furthermore, TEC observes that the way renters use office has changed since pre-Covid days, with business positioning better focus on having entry to a combination of purpose-built areas including private offices for concentrated work, adjustable seats, shared meeting rooms, and activity areas.
